basedoc.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549


FORM 11-K


  [X]
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2008

OR

  [  ]
TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____________ to ___________

Commission file number 1-12434

A.  Full title of the plan and the address of the plan, if different from that of the issuer named below:

M/I Homes, Inc.
401(k) Profit Sharing Plan

B.  Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

M/I Homes, Inc.
3 Easton Oval, Suite 500
Columbus, Ohio  43219



 
 
 

REQUIRED INFORMATION


The following financial statements and supplemental schedules for the M/I Homes, Inc. 401(k) Profit Sharing Plan are being filed herewith:

Description:
Page No.
   
Table of Contents to Financial Statements
4
   
Financial Statements:
  
Report of Independent Registered Public Accounting Firm
5
   
Statements of Net Assets Available for Benefits as of
   December 31, 2008 and 2007
 
6
   
Statement of Changes in Net Assets Available for Benefits for the Year Ended
   December 31, 2008
 
7
   
Notes to Financial Statements
8
   
Supplemental Schedule:
  
Schedule of Assets Held for Investment Purposes at End of Year,
   December 31, 2008
 
14
   
Signatures
15
   
Exhibit Index
16




The following exhibits are being filed herewith:

Exhibit No.
Description
   
23
 
Consent of Independent Registered Public Accounting Firm
 
 
2 
 

 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
M/I Homes, Inc. 401(k)
Profit Sharing Plan
 
Financial Statements as of December 31, 2008 and 2007
and for the Year Ended December 31, 2008,
Supplemental Schedule as of December 31, 2008 and
Report of Independent Registered Public Accounting Firm

 
 
 
 
 
 
 
 
 

 
 
 
 

M/I HOMES, INC.
401(k) PROFIT SHARING PLAN
 
TABLE OF CONTENTS

 
Page
   
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
5
   
FINANCIAL STATEMENTS:
  
   
Statements of Net Assets Available for Benefits as of December 31, 2008 and 2007
6
   
Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2008
7
   
Notes to Financial Statements
8
   
SUPPLEMENTAL SCHEDULE:
  
   
Form 5500, Schedule H, Part IV, Line 4i—Schedule of Assets Held for Investment Purposes at End
 of Year, December 31, 2008
14

 

 
4 
 
 
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 


To the Trustees and Participants of
M/I Homes, Inc. Profit Sharing Plan
Columbus, OH

 
We have audited the accompanying statement of net assets available for benefits of M/I Homes, Inc. 401(k) Profit Sharing Plan (the “Plan”) as of December 31, 2008 and the related statement of changes in net assets available for benefits for the year then ended.  These financial statements are the responsibility of the Plan's management.  Our responsibility is to express an opinion on these financial statements based on our audit.  The financial statements of the M/I Homes, Inc. 401(k) Profit Sharing Plan as of December 31, 2007 were audited by other auditors whose report dated June 20, 2008 expressed an unqualified opinion on those statements.
 
 
We conducted our audit in accordance with standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.  The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.  Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Plan's internal control over financial reporting.  Accordingly, we express no such opinion.  An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  We believe that our audit provides a reasonable basis for our opinion.
 
 
In our opinion, such financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2008 and the changes in its net assets available for benefits for the year then ended in conformity with accounting principles generally accepted in the United States of America.
 
 
Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole.  The supplemental schedule of assets held for investment purposes at end of year, as of December 31, 2008, is presented for the purpose of additional analysis and is not a required part of the basic financial statements, but is supplementary information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974.  This schedule is the responsibility of the Plan's management.  Such schedule has been subjected to the auditing procedures applied in our audit of the basic 2008 financial statements and, in our opinion, is fairly stated in all material respects when considered in relation to the basic financial statements taken as a whole.
 

/s/ GBQ Partners LLC    
GBQ Partners LLC

Columbus, OH
June 17, 2009

 
5 
 

M/I HOMES, INC.
401 (k) PROIT SHARING PLAN

STATEMENT OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31, 2008 AND 2007

 
2008
    
2007
  
ASSETS:
          
           
Cash and cash equivalents
 $ 56,514     $ 56,010  
               
Investments – at fair value:
              
Collective Investment Trust - SEI Stable Asset Fund
   5,665,672       6,135,131  
               
Mutual funds:
              
Dodge & Cox Stock
   3,932,246       8,816,909  
JP Morgan Diversified Mid-Cap Growth Select
   3,735,300       9,092,075  
JP Morgan Equity Index Select
   3,379,667       7,196,283  
American Beacon Institutional International Equity Fund
   -       5,523,576  
Dreyfus/Standish Fixed Income Fund
   3,339,794       4,314,968  
Dodge & Cox International Stock Fund
   2,517,862       -  
JP Morgan Mid-Cap Value Select
   1,920,120       3,643,639  
Harbor Capital Appreciation Fund
   1,484,765       3,050,198  
Artio International Equity Fund
   329,960       -  
Vanguard Small Cap Value Index Fund
   229,731       -  
Vanguard Small Cap Growth Index Fund
   166,098       -  
Total mutual funds
   21,035,543       41,637,648  
               
M/I Homes Company Stock Fund
   365,198       447,894  
Participant loans - interest at 5.0% to 9.25%
   733,486       1,207,792  
Total investments
   27,799,899       49,428,465  
               
Receivables:
              
Contribution receivable from Plan Sponsor
   251,825       -  
Dividend income receivable
   62,112       830,977  
Interest income receivable
   95       777  
Unsettled trades - sales
   47,729       24,150  
Total receivables
   361,761       855,904  
               
TOTAL ASSETS
   28,218,174       50,340,379  
               
LIABILITIES -
              
               
Unsettled trades - purchases
   109,841       830,977  
               
TOTAL LIABILITIES
   109,841       830,977  
               
NET ASSETS AVAILABLE FOR BENEFITS AT FAIR VALUE
   28,108,333       49,509,402  
               
Adjustment from fair value to contract value for fully benefit-
              
responsive investment contracts
   550,111       163,117  
               
NET ASSETS AVAILABLE FOR BENEFITS
 $ 28,658,444     $ 49,672,519  
               


See notes to financial statements.

 
6 
 

M/I HOMES, INC.
401 (K) PROFIT SHARING PLAN

STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 2008

ADDITIONS:
    
     
Contributions:
    
From participants
   3,025,063  
From Plan Sponsor
   251,825  
       
Total additions
   3,276,888  
       
DEDUCTIONS:
      
       
Investment Loss:
      
Net depreciation in fair value of investments
 $ (14,518,853 )
Dividends
   1,346,028  
Interest
   64,984  
       
Total Investment Loss
   (13,107,841 )
       
Benefits paid to participants
   (11,183,122 )
       
Total deductions
   (24,290,963 )
       
NET DECREASE IN NET ASSETS AVAILABLE FOR BENEFITS
   (21,014,075 )
       
NET ASSETS AVAILABLE FOR BENEFITS - Beginning of year
   49,672,519  
       
NET ASSETS AVAILABLE FOR BENEFITS - End of year
 $ 28,658,444  
       

See notes to financial statements.

 
7 
 

M/I HOMES, INC.
401(K) PROFIT SHARING PLAN
 
NOTES TO FINANCIAL STATEMENTS
YEARS ENDED DECEMBER 31, 2008 AND 2007 

1.        PLAN DESCRIPTION
 
The following description of the M/I Homes, Inc. 401(k) Profit Sharing Plan (the “Plan”) is provided for general information purposes only.  Participants should refer to the Plan document for more complete information.
 
General—The Plan is a defined contribution 401(k) plan which became effective October 1, 1988, and whose purpose is to provide retirement income benefits for all eligible employees of M/I Homes, Inc. and its subsidiaries (the “Company” or the “Plan Sponsor”). The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (“ERISA”). All employees employed on October 1, 1988, the Plan’s inception date, were eligible to participate in the Plan. Full time employees are eligible for entry into the Plan with respect to employee contributions at the beginning of the calendar quarter immediately following their completion of ninety days of service, and part time employees are eligible for entry into the Plan with respect to employee contributions after completing one year of service with a minimum of 1,000 hours.  For eligibility to receive profit sharing contributions, employees are eligible after completion of one year of service with 1,000 hours. Effective July 1, 2005, the Plan was amended such that an employee may be credited with his or her service with a previous employer (“Predecessor Employer”) where such service occurred prior to the date that the Predecessor Employer became an affiliate of the Plan Sponsor, or some or all of the assets of the Predecessor Employer were acquired by the Plan Sponsor or an affiliate.  The amendment also allowed a special employer contribution to be made for one or more Predecessor Employer participants during the initial year of participation in the Plan, at the discretion of the Plan Sponsor.  All participants receive a Summary Plan Description upon becoming eligible for participation in the Plan. Participants should refer to this document and to the Plan text for more complete information.  The Board of Directors of the Company controls and manages the operation and administration of the Plan.  Wilmington Trust Company serves as the trustee of the Plan.
 
Contributions—Funding is provided by the Plan Sponsor and participant contributions. The amount of the Plan Sponsor’s contribution is discretionary and is determined by the Company’s Board of Directors. The Plan Sponsor is not required to make a contribution to the Plan and can suspend or terminate the Plan at any time. Plan participants may also make voluntary pre-tax contributions to the Plan. For 2008, these voluntary pre-tax contributions cannot exceed $15,500 per participant ($20,500 for participants 50 years of age or older), as provided in Internal Revenue Code Section 402(g). Total contributions to a participant’s account cannot exceed the lesser of $46,000 or 100% of the participant’s compensation for the year as provided in Internal Revenue Code Section 415(c).  Plan participants may also contribute amounts rolled over from qualified defined benefit or defined contribution plans.
 
Participant Accounts—Individual account balances are maintained for each participant. Each participant’s contributions, along with their share of the Plan Sponsor’s contribution, are currently invested in the Plan’s investment options as directed by the participant. Participants may change investment elections on a daily basis and are permitted to invest a maximum of 25% of their fund allocation in the M/I Homes Company Stock Fund.
 
Participant account balances are adjusted daily for income, realized and unrealized gains and losses and employer and participant contributions. Employer contributions are allocated to participants pro-rata based on eligible compensation up to $50,000.
 
Investments—Participants direct the investment of their contributions into various investment options offered by the Plan.  Company contributions are invested according to the participant’s current investment elections.  The Plan currently offers ten mutual funds, a collective investment trust and the M/I Homes Company Stock Fund as investment options for participants.  If a participant has not made an investment election, their contributions will
 

 
8 
 
automatically be invested in the Moderate Asset Allocation Model (which diversifies the investments based on a moderate risk tolerance) that best fits their time horizon until retirement.
 
Vesting—Contributions made by both the Plan Sponsor and Plan participants are 100% vested immediately.
 
Payment of Benefits—A Plan participant becomes eligible to receive benefits when the participant retires; becomes totally and permanently disabled; experiences financial hardship, as defined by Title 26 CFR 1.401(k)-1(d)(2) of the Federal Code of Regulations; dies; or terminates employment. Benefit payments are paid in lump sum amounts.
 
Loans to Participants—Participants may borrow up to 50% of their account balance, not to exceed $50,000. The loan amounts are collateralized by a percentage of the participant’s balance of Plan assets, bear interest at prime plus 1% at the date the loan is initiated, and must be repaid within no more than five (5) years, unless the loan is granted for the purpose of acquiring the principal residence of the participant, in which case, it must be repaid within no more than fifteen (15) years. Principal and interest are paid ratably through bi-weekly payroll deductions.
 
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 
Basis of Accounting—The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America.
 
Use of Estimates—The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of net assets available for benefits and disclosures of contingent items at the date of the financial statements and the reported amounts of changes in net assets available for benefits during the reporting period. Actual results could differ from those estimates.
 
Risks and Uncertainties—The Plan allows participants to invest in a collective investment trust, various mutual funds, and the M/I Homes Company Stock Fund. Such investments, in general, are exposed to various risks, such as interest rate, credit, and overall market volatility. Due to the level of risk associated with such investments, it is reasonably possible that changes in the values of such investments will occur in the near term and that such changes could materially affect the amounts reported in the statements of net assets available for benefits.
 
Cash and Cash Equivalents—Cash and cash equivalents include short-term highly liquid investments having maturities of less than ninety days.
 
Investment Valuation and Income Recognition—The Plan’s investments are stated at fair value.  Shares of mutual funds are valued at quoted market prices, which represent the net asset value of shares held by the Plan at year end.  The collective investment trust is reported at fair value, based on the fair market value of the underlying investment contracts (including guaranteed investment contracts issued by insurance companies and other financial institutions, separate account contracts and synthetic wrap contracts).  The fair value of the collective investment trust is adjusted to contract value, representing the net asset available for benefits.  Participants may direct the withdrawal or transfer all or a portion of their investment in the collective investment trust at contract value.  Contract value represents contributions made under the contract, plus earnings, less participant withdrawals.  Investments in the M/I Homes Company Stock Fund are accounted for in units.  The unit price fluctuates relative to the price of M/I Homes, Inc. common shares according to the conversion rate established at the initial conversion to unit accounting in 2006.  Loans to participants are valued at cost plus accrued interest, which approximates fair value.
 
Purchases and sales of securities are recorded on the trade date. Interest income is recorded as earned and dividend income is recorded on the ex-dividend date.
 
Adoption of New Accounting Guidance—In September 2006, the FASB issued SFAS No. 157, “Fair Value Measurements” (“SFAS 157”).  SFAS 157 defines fair value by clarifying the exchange price notion presented in earlier definitions and providing a framework for measuring fair value.  SFAS 157 also expands disclosures about
 
9
fair value measurements.  SFAS 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those years.  The adoption of SFAS 157 did not impact the amounts reported in the Plan’s financial statements.
 
Administrative Expenses—Administrative costs of the Plan are paid by the Plan Sponsor.
 
Payment of Benefits—There was $21,426 and $46,826 in benefits payable at December 31, 2008 and 2007, respectively.
 
3.
INVESTMENTS

The Plan’s investments which exceeded 5% of net assets available for benefits as of December 31, 2008 and 2007 are as follows:

 
2008
  
2007
  SEI Stable Asset Fund (1)
$6,215,783
  
$6,298,248
  Dodge & Cox Stock
  3,932,246
  
  8,816,909
  JP Morgan Diversified Mid-Cap Growth Select
  3,735,300
  
  9,092,075
  JP Morgan Equity Index Select
  3,379,667
  
  7,196,283
  Dreyfus/Standish Fixed Income
  3,339,794
  
  4,314,968
  Dodge & Cox International Stock Fund
  2,517,862
  
               -
  JP Morgan Mid-Cap Value Select
  1,920,121
  
  3,643,639
  Harbor Capital Appreciation Fund
  1,484,765
  
  3,050,198
  American Beacon Institutional Equity Fund (2)
               -
  
  5,523,576

(1)  
Investment amounts at contract value.  The fair value of the investment was $5,665,672 and $6,135,131 at December 31, 2008 and 2007, respectively.
(2)  
As of October 29, 2008, the Plan no longer offers this mutual fund as an investment option to participants.

4.
FAIR VALUE MEASUREMENTS

SFAS 157 (a) establishes a common definition for fair value to be applied to assets and liabilities; (b) establishes a framework for measuring fair value; and (c) expands disclosures concerning fair value measurements.  SFAS 157 provides three measurement input levels for determining fair value:  Level 1, Level 2, and Level 3.  Fair values determined by Level 1 inputs utilize quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.  Fair values determined by Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly.  Level 2 inputs include quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals.  Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability.

The asset or liability’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.  The following is a description of the valuation methodologies used for assets and liabilities measured at fair value, including the general classification of such assets and liabilities pursuant to the valuation hierarchy.

Mutual Funds

These investments are valued using the net asset value provided by the administrator of the fund. The net asset value is based on the value of the underlying assets owned by the fund, minus its liabilities, and then divided by the number of shares outstanding. The net asset value is a quoted price in an active market and classified within Level 1 of the valuation hierarchy.
 
10 
 
M/I Homes Company Stock Fund

The M/I Homes Company Stock Fund is valued at the closing price reported on the active market on which it is traded, and is classified within Level 1 of the valuation hierarchy.
 
SEI Stable Asset Fund

The collective investment trust is valued using the net asset value provided by the administrator of the fund. The net asset value is based on the value of the underlying investment contracts owned by the fund (including guaranteed investment contracts issued by insurance companies and other financial institutions, separate account contracts and synthetic wrap contracts), minus its liabilities, and then divided by the number of shares outstanding.  The net asset value is classified within Level 2 of the valuation hierarchy because the net asset value’s unit price is quoted on a private market that is not active; however, the unit price is based on underlying investments which are traded on an active market.

Participant Loans

Loans to plan participants are valued at cost plus accrued interest, which approximates fair value and are classified within Level 3 of the valuation hierarchy.

The preceding methods described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values.  Furthermore, although the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

The following table sets forth by level, within the fair value hierarchy, the Plan’s assets at fair value as of December 31, 2008:

 
As of December 31, 2008
 
Total Fair
Value
    
Quoted Prices
in Active
Markets for Identical
 Assets
 (Level 1)
    
Significant Observable
Inputs 
 (Level 2)
    
Significant Unobservable Inputs 
(Level 3)
   Assets:
                    
     Mutual funds
 $ 21,035,543     $ 21,035,543     $ -     $ -
     M/I Homes common stock fund
   365,198       365,198       -       -
     SEI Stable Asset Fund
   5,665,672       -       5,665,672       -
     Participant loans
   733,486       -       -       733,486
                             
    Total assets
 $ 27,799,899     $ 21,400,741     $ 5,665,672     $ 733,486

The table below sets forth a summary of changes in the fair value of the Plan’s Level 3 investment assets for the year ended December 31, 2008:

   Level 3 Assets – Participant loans
Year Ended
 December 31, 2008
  
     
   Balance, beginning of year
 $ 1,207,792  
   Realized gains/(losses)
   -  
   Unrealized gains/(losses) relating to instruments still held at reporting date
   -  
   Purchases, sales, issuances and settlements (net)
   (474,306 )
       
   Balance, end of year
 $ 733,486  
 
 
11 
 
5.
NET (DEPRECIATION) APPRECIATION IN FAIR VALUE OF INVESTMENTS

During 2008, the Plan’s investments (including investments bought, sold, as well as held during the year) (depreciated) appreciated in value as follows:

   Mutual Funds:
    
JP Morgan Diversified Mid-Cap Growth Select
 $ (3,503,030 )
Dodge & Cox Stock
   (3,722,215 )
JP Morgan Equity Index Select
   (2,407,658 )
American Beacon Institutional International Equity Fund
   (2,204,232 )
JP Morgan Mid-Cap Value Select
   (1,148,235 )
Harbor Capital Appreciation Fund
   (1,023,209 )
Dreyfus/Standish Fixed Income Fund
   (385,971 )
Dodge & Cox International Stock Fund
   (191,195 )
Artio International Equity Fund
   (8,026 )
Vanguard Small Cap Value Index Fund
   (7,598 )
Vanguard Small Cap Growth Index Fund
   (6,956 )
       
  Total mutual funds
   (14,608,325 )
       
  M/I Homes Company Stock Fund
   89,472  
       
  Net depreciation in fair value of investments
 $ (14,518,853 )
       

6.
INVESTMENT CONTRACT VALUATION

The Plan has invested in a collective investment trust with Wilmington Trust Company which invests primarily in a diversified portfolio of insurance companies and other investment contracts. Wilmington Trust Company maintains the contributions in a pooled account. The account is credited with earnings on the underlying investments and charged for Plan withdrawals.
 
7.
EXEMPT PARTY-IN-INTEREST TRANSACTIONS
 
At December 31, 2008 and 2007, the Plan held approximately 101,000 units and 124,000 units of M/I Homes Company Stock Fund, a fund that invests solely in the common shares of M/I Homes, Inc., respectively.  During the year ended December 31, 2008, the Plan recorded dividend income of $2,984 relating to the M/I Homes Company Stock Fund.
 
8.
PLAN TERMINATION
 
Although the Company has not indicated any intent to do so, it has the right to terminate the Plan at any time subject to the provisions set forth in ERISA.  In the event of termination, the net assets of the trust would be distributed in a form of payment as determined by the Plan Trustee.
 
9.
FEDERAL INCOME TAX STATUS
 
The Plan obtained its latest determination letter dated November 3, 2008, in which the Internal Revenue Service stated that the Plan, as then designed, was in compliance with the applicable requirements of the Internal Revenue Code (“IRC”).  Therefore, no provision for income taxes has been included in the Plan’s financial statements.
 
******

 
12 
 



















SUPPLEMENTAL SCHEDULE
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
13 
 
M/I HOMES, INC.
401 (k) PROFIT SHARING PLAN

FORM 5500, SCHEDULE H, PART IV, LINE 4i –
SCHEDULE OF ASSETS HELD FOR INVESTMENT PURPOSES AT END OF YEAR
DECEMBER 31, 2008

 
Number of
      
 
Shares/Units/
      
 
Face Value
    
Market
         
Collective Investment Trust
   6,215,783     $ 6,215,783
SEI Stable Asset Fund (1)
            
             
Mutual Funds:
            
Dodge & Cox Stock
   52,874       3,932,246
JP Morgan Diversified Mid-Cap Growth Select
   292,048       3,735,300
JP Morgan Equity Index Select
   164,701       3,379,667
Dreyfus/Standish Fixed Income Fund
   190,628       3,339,794
Dodge & Cox International Stock Fund
   114,971       2,517,862
JP Morgan Mid-Cap Value Select
   124,199       1,920,120
Harbor Capital Appreciation Fund
   63,724       1,484,765
Artio International Equity Fund
   33,499       329,960
Vanguard Small Cap Value Index Fund
   22,501       229,731
Vanguard Small Cap Growth Index Fund
   13,958       166,098
Total mutual funds
           21,035,543
             
M/I Homes Company Stock Fund (2)
   100,800       365,198
Participant loans (maturing 2009-2023 at interest rates of 5% to 9.25%) (2)
 $ 733,486       733,486
             
TOTAL
         $ 28,350,010
             

(1)  
Investment amounts at contract value.  The fair value of the investment was $5,665,672 and $6,135,131 at December 31, 2008 and 2007, respectively.
(2)  
Party-in-interest.


 
14 
 

SIGNATURES
 

The Plan.  Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.


 


 
M/I HOMES, INC.
 
401 (k) PROFIT SHARING PLAN
     
     
Date:  Jun 17, 2009
By:
/s/Phillip G. Creek
   
Phillip G. Creek, Plan Administrator
     


 

 
15 
 

M/I HOMES, INC.
401(k) PROFIT SHARING PLAN
ANNUAL REPORT ON FORM 11-K
FOR FISCAL YEAR ENDED DECEMBER 31, 2008


EXHIBIT INDEX

Exhibit No.
Description
   
23
Consent of Independent Registered Public Accounting Firm

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
16